Armenia benefits most from EEU membership - Russian Deputy Prime Minister

YEREVAN, 15 January. /ARKA/. Armenia's economic growth shows that it benefits most from its membership in the Eurasian Economic Union (EEU), Russian Deputy Prime Minister Alexei Overchuk said today.

‘The growth of Armenia's trade and economy in recent years - all this shows that Armenia is the main beneficiary of EEU membership,’ he said, according to Tass news agency.

Asked by reporters whether there is a country that could replace Armenia after it announced the launch of an initiative to seek membership in the European Union Overchuk said this question is incorrect.

‘This is not the way to put the question, because the question of joining the EEU is always an independent decision of a country, which, based on its interests, determines whether to join or not,’ he said.

The benefits from EEU membership, according to Overchuk, are energy and food security, stable conditions for economic development and, most importantly, barrier-free access to a huge market.

‘This is a colossal potential for economic development, for increasing incomes of people and businesses,’ he pointed out.

Armenia's relations with the EEU in figures

Armenia's foreign trade turnover with EEU countries exceeded $11.9 billion in the first 11 months of 2024, increasing by 68.3 per cent against the same period in 2023.

According to the Armenian National Statistical Service, Armenian exports to the EEU stood at more than $3.12bn (a 10.2% drop), while imports totalled almost $8.99bn (a 2.4-fold increase).

Armenia's largest EEU partners are Russia (trade turnover of over $11.6bn, up 71.6%), followed by Belarus (about $190.5m) and Kazakhstan (about $76.3m).-0-